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UPDATE: Daiwa Capital Markets Downgrades Spreadtrum Communications to Underperform

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Daiwa Capital Markets lowered its rating on Spreadtrum Communications (NASDAQ: SPRD) but raised its price target from $18.24 to $18.40.

Daiwa Capital Markets noted, "Spreadtrum's share price has risen by 49% in the past five months on the street's high expectations for its TD-SCDMA handset-IC shipments, a view that we do not share now, and we believe now is a good time to take profits. … We believe Spreadtrum's share price is likely to be capped in the next six months by: 1) a weaker 2013 outlook for the TD-SCDMA handset IC market vs. our prior expectations, and 2) MediaTek's (2545 TT, NT$330, Buy [1]) aggressive upcoming release schedule for its TD-SCDMA smartphone ICs."

Spreadtrum Communications closed at $20.97 on Monday.

Latest Ratings for SPRD

DateFirmActionFromTo
Aug 2013Topeka CapitalDowngradesBuyHold
Aug 2013Chardan CapitalDowngradesBuyNeutral
Aug 2013JefferiesDowngradesBuyHold

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